Fha mortgage insurance - Study guides, Class notes & Summaries

Real Estate Finance I-CHAMPIONS Exam | 60 Questions and Answers. The minimum downpayment on a VA loan is: (a) 2% of the sales price (b) 0% of the sales price (c) 3.75% of the sales price (d) 1% of the sales price - Answer- B _________ is the process of creating a new mortgage loan. (a) Origination (b) Funding (c) Underwriting (d) Servicing * - Answer- A A veteran can have more than one VA loan: (a) If the prior VA loan was paid in full and the property disposed of ...

Gold Coast Chapter 13:questions with correct answers 100%Although there are a number of different methods for repaying a loan, there are only 3 types of mortgages: - correct answer FHA insured; VA guaranteed; And conventional. FHA insured mortgage loans: - correct answer The Federal Housing Administration (FHA) is a part of the U.S Department of Housing and Urban Development (HUD). ***The FHA DOES NOT make loans. Instead, it insures loans made by approved local lenders. The loan is fu...

S.A.F.E Mortgage Loan Originator Exam 100% Correct GLBA Gramm-Leah-Bliley Act FTC Federal Trade Commission FCC Federal Communications Commission NPI Non-public Personal Information Consumer Individual who obtains financial services for personal use Customer Continuing relationship with a financial institute EBR Established Business Relationship FACTA Fair Credit Reporting Act (Original FCRA) FHA Fair Housing Act & Federal Housing Administration ECOA Equal Credit ...

NMLS SAFE EXAM 2024 QUESTIONS AND ANSWERS ALREADY PASSED What does TILA stand for? Truth-In-Lending Act, Regulation Z What is a HELOC loan? a secured loan in that you are borrowing against the equity that has been built in your house What is a REFI loan? LTV stands for Loan to Value Define PMI and state what the acronym stands for. Private mortgage insurance- on conventional loans Define one time variable funding fee and people in what situations is it waived for? Disabled ...

NMLS Practice Test Hard Questions and Answers All Correct Which clause in a mortgage allows a lender to increase the interest rate? A.) Defeasance B.) Escalation C.) Acceleration D.) Exculpatory - Answer-B.) Escalation Which clause in a mortgage prevents the lender from foreclosing unless the borrower is in default? A.) Defeasance B.) Escalation C.) Acceleration D.) Exculpatory - Answer-A.) Defeasance The lender has how many days to send the Satisfaction of Mortgage letter ...

The Real Estate Settlement Procedures Act (RESPA) was enacted by Congress to provide each of the following EXCEPT a maximum level of closing costs In the event of mortgage default, FHA-insured loans provide protection for the lender Mortgagees are entitled to possession of mortgaged property upon default in states that recognize the concept of title theory The percentage of a borrower's gross monthly income required to meet monthly housing expenses (only) is called the mortga...

A non-arm's length transaction occurs when the borrowers or any other party to the transaction have a direct relationship with another party to the transaction (including, but not limited to, the employer, lender, broker or appraiser). - True A partner's percentage of ownership and earnings can be located on Schedule E part 2 of their personal tax returns - False A loan with an excellent credit risk, and qualifying as a jumbo loan program would receive a DU Approve/ineligible. - True A ...

NMLS SAFE EXAM KEY WORDS 2023/2024 Retest Placement test Exam Questions with complete solutions Equity - correct answer Equity is the amount your property is currently worth minus the amount of any existing mortgage on your property. Escrow - correct answer An escrow account is set up by your mortgage lender to pay certain property-related expenses, like property taxes and homeowner's insurance. A portion of your monthly payment goes into the account. If your mortgage doesn't hav...

2024|25 | COMPLETE SOLUTION | REAL FINAL EXAM >> QUESTIONS WITH DETAILED ANSWERS | GRADED A+ 1. The federal agency that was created in 1934 in order to restore confidence in the mortgage market and today acts primarily as a mortgage insurance company for private lenders is: A. Fannie Mae B. The Federal Housing Administration c. Freddie Mac d. Ginnie Mae: The Federal Housing Administration 2. Interest-only loans are considered to be -amortizing loans. a. fully b. negatively c. ...

HUD Housing Counselor Certification Practice Questions with 100% Correct Answers Which is the maximum recommended housing ratio for renting an apartment? - Correct Answer ️️ -30% Eligibility requirements for down-payment assistance programs include which factors? - Correct Answer ️️ -Income, home-buyer education, purchase price The client is considering an FHA mortgage. What is the upfront mortgage insurance premium (UFMIP) for an FHA mortgage? - Correct Answer ️️ -1.75% If ...